Running head: DISCUSSION BOARD 2
Discussion Board 2
Angelica Hall
Liberty University
1
DISCUSSION BOARD 22
Discussion Board 2
2. Discuss how e-commerce affects you and or your company.
According to Salvatore (2016) electronic commerce or E-commerce refers to
“production, advertising, sale and distribution of products and services from business to
business and from business to consumer through the Internet” (p. 152). This serves its
benefits. E-commerce has decreased time and distance between buyers and sellers. With
E-commerce, there is no need to travel to a traditional store to meet with a salesperson to
place an order and pay; over the years this has been a tremendous change in the
marketplace for buyers and sellers (Salvatore, 2015). Now, buyers can do their
comparative shopping online at a minimal cost and with little effort. In addition to, E-
commerce has reduced sales, inputs and supply and chain logistic costs (Salvatore, 2015).
For those who work in the restaurant business, E-commerce has changed their way of
running a business. From furnishing a restaurant to appliances to their food order,
everything can be ordered on the internet rather than going to a number of traditional
stores.
However, due to E-commerce, traditional retailers have lost some of their
business. One way traditional retailing operations can regain the upper hand is to
integrate the internet with the particular items they have to sale. Then in turn, internet
shoppers can look up the product and prices online and then physically observe and
purchase the product at the store. Major companies (i.e. Wal-Mart and Gap) over time
have provided their customers the option to shop online even when they’re physically in
the store by having Internet-enabled devises on site (Salvatore, 2015).
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The web may make it easier for companies to do business but sometimes finding
what you can be difficult due to the large amount of information found online. Also,
doing business is not always safe. Files that are transferred via the Internet can be found,
copied and altered without knowing of the matter (Salvatore, 2015). Salvatore (2015)
tells of a time in 1995 when Citibank’s computing system was hacked and millions of
dollars were transferred among various banking accounts throughout the world (p.154).
Although the fraud was quickly noticed, this comes to show that doing business through
the Internet is not secure.
Although the way organizations are doing business has changed over time,
business in itself has not changed. We can trace trade all the way back to the Bible for it
is stated in Ezekiel 27:16, “Aram did business with you because of your many products;
they exchanged turquoise, purple fabric, embroidered work, fine linen, coral and rubies
for your merchandise” (NIV). It was even that people stole from others as did the hacker
who stole millions of dollars from Citibank. Depicted through Job 24:14 it states, “When
daylight is gone, the murderer rises up, kills the poor and needy, and in the night steals
forth like a thief” (NIV).
5. How important is saving for a household and the economy? How much should we
save?
According to Froeb, McCann, Ward and Shor (2015) current spending today is
extremely popular which is why saving is less common. For those who do not save, when
approaching retirement an individual will have to either work much longer, accept lower
standards of living or run out of money (Oxford Economics, 2015). Under-saving can
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lead the economy towards a slow growing path in order to match domestic saving;
external debts may increase depressing economic stability and the dollar’s value.
Saving is important for both households and the economy. For households, saving
gives cushion against recessions and unfortunate life events. It also enables wealth
throughout ones’ lifetime and insures a sufficient income upon retirement (Oxford
Economics, 2015). As for the economy, saving ultimately ensures long-term economic
prosperity and stability. Nations that encourage saving will not only over time gain an
advantage but also raise the standard of living for households.
Americans should save enough to cover expenses up to six months however, 75%
of Americans do not (Oxford Economics, 2015). If everyone were to save at least 10% of
their monthly income, it would not only help the household in long-term situations but
also help the economy. Although there are many ways to save, Americans must be aware
of payroll saving plans offered through the workplace. This is a good way to
“automatically” save.
Although it is important for Americans to save their money in order to reap the
long-term benefits, Americans must keep in mind that money is not everything for it
states in 1 Timothy 6:10, “For the love of money is a root of all kinds of evil. Some
people, eager for money, have wandered from the faith and pierced themselves with
grief” (NIV). Americans should remain humble for all that they do have, for the Lord will
be there when the time gets rough. “Humble yourselves before the Lord, and he will life
you up” (James 4:10, NIV).
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References
Another penny saved. (2015). Oxford Economics. Retrieved from:
https://www.asppa.org/Portals/2/PDFs/White%20Papers/Another%20penny%20s
aved_FINAL.pdf
Froeb, L.M., McCann, B.T., Ward, M.R., & Shor, M. (2016). Managerial economics: A
problem solving approach (4th ed.). Boston, MA: Cengage Learning.
Salvatore, D. (2015). Managerial economics in a global economy (8th ed.). New York,
NY: Oxford University Press.
